Says the finance ministry.

EUR/USD remains capped at 1.2750 but bids are limited as risk appetites improve along with rebounding equities. The S&P is up 0.7% after falling about 1.3% prior to the cash-market open.

EUR/CHF is contributing to the bid in EUR/USD after the SNB gave it a lift. We trade now at 1.4110, up about 75 pips in the last few hours.